Champion Iron Limited has signed a definitive framework agreement with Nippon Steel Corporation and Sojitz Corporation to jointly develop the Kami iron ore project in Quebec, Canada. Under the agreement, Nippon Steel and Sojitz will initially invest USD 245 mln for a combined 49pct stake in the newly formed Kami Iron Mine Partnership.
This agreement formalizes the binding deal announced in December 2024. Upon closing, Champion will retain a 51pct interest, while Nippon Steel and Sojitz will hold 30pct and 19pct stakes, respectively.
The transaction is expected to close in the second half of 2025, pending regulatory approval from China’s State Administration for Market Regulation and other customary conditions.
The Kami project, located southeast of Champion’s Bloom Lake mine, is positioned to produce high-grade direct reduction (DR) quality iron ore. Champion Iron, through its subsidiary Quebec Iron Ore Inc., operates the Bloom Lake Mining Complex and holds a portfolio of exploration assets in the Labrador Trough, including the Kami and Cluster II projects.
